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Right now - water, power and gas are surprisingly EXACTLY THE SAME. We moved from Utah to California for retirement. It took some creativity - our power bills are based on time of use so we power the electric car at night and do our laundry - either very early morning or when we go to bed. We no longer have a lawn so the savings in watering are huge. Also no longer have AC. There is no need. While the rest of the country is burning up - we are daily at 75 degrees.
Gas prices are higher - but we drive an electric car - so we save bigly.
Haircuts. When working I would get my haircut every 5-6 weeks. Stylist charged $50 and I tipped $5. Found a REALLY good stylist here and everything is ala crate. Shampoo $5 and haircuts $25. I was gobsmacked that California would be cheaper. So yah - I am still scheduling my cuts (my hair is thick so I have to cut it or I go crazy) every 5-6 weeks.
I take fewer showers. Showered every day when working - now every 2-3 days. Savings in water and hair products.
Gym Membership. I am in a Medicare Advantage Plan that was founded by a local group of physicians and based in the local hospital system (not Kaiser). I paid about $120 a year membership for my county rec center in Utah - and that was the senior discount. With this new plan - and they have their own gym which is stellar - great workout equipment and a pool - $25 A YEAR.
Healthcare - it will be awhile (1 year and 9 months) before my spouse is on Medicare..... but the local plan is excellent. And yesterday they told me they will “reward” good behavior - so they are sending me $25 for having an annual checkup. I think there also will be rewards for working out every other day......
Okay, this might illustrate my utter stupidity about such matters, but I completely forgot and didn't account for the fact that if your income exceeds your deductions (stand or otherwise), you will have to pay income taxes. That can be a HUGE budget item for some people!
(That also will lead us, I think, to live off our personal retirement savings first and then delay getting my husband's Social Security as long as possible. If anyone thinks this is a bad strategy, please let me know!)
I think the differentiator is “savings” versus investments. The common wisdom is to not use investments for living expenses at the start of retirement because every dollar spent reduces potential future capital gains and dividends. It’s a complicated problem and each situation is different.
I think the average healthy 65-year-old couple today will spend a $400,000 or more on medical costs in retirement & Healthcare is among one of the main expense with a higher chances to go up rather than down in retirement.
I think the average healthy 65-year-old couple today will spend a $400,000 or more on medical costs in retirement & Healthcare is among one of the main expense with a higher chances to go up rather than down in retirement.
Okay, this might be a stupid question, but if you sign up for Plan G Supplement insurance and the Prescription Drugs Supplement, wouldn't that take care of all costs except ALF/nursing home costs and dental?
Eating out - we ate out a lot before retirement, after retirement we did eat out but about 50%, now after 3 years, we’re don't eat out as much. Maybe one or twice a week, it’s not the money, it’s eating healthy.
$700 tooth crown yesterday for me. I looked at it like a car repair --- don't have a lot of those anymore thankfully......thankfully I can afford it.
$700? Crowns around here (all types) are about $1200. Where do you live? Or was that done at a dental school training program, where sometimes discounts are offered.
I thing when assisted living and nursing home care costs kick in - you’re screwed.
At end of life - particularly the last 2 years - my mother’s costs were upward of $12K a year....not covered by Medicare.
She had nothing left. We squeaked by and avoided having to apply for Medicaid for her.
$12k actually sounds pretty cheap. My friends have parents in assisted living to the tune of $4k per month, and it's nothing fancy, very basic (SE Michigan).
$700? Crowns around here (all types) are about $1200. Where do you live? Or was that done at a dental school training program, where sometimes discounts are offered.
Florida. I have dental insurance, that was my share.
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